Singapore’s economy barely grew in the first quarter, raising the spectre of recession as exports and spending shrink from the impact of the Iraq war and the deadly Severe Acute Respiratory Syndrome (SARS) virus, official data showed yesterday.
The city-state’s gross domestic product (GDP) grew at an annualised 0.7% in the first three months of the year, according to the government’s advance estimates, little better than the 0.4% posted in the final quarter 2002.
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